CAB Payments to collaborate with Visa Direct on 'last mile' payments

29th Aug 2024 09:35

(Sharecast News) - Foreign exchange business CAB Payments announced on Thursday that it will collaborate with Visa on FX and "last mile" payments across emerging markets.

CAB Payments said that by combining its Crown Agents Bank network with Visa Direct, the collaboration aims to enable its clients to make cross-border payments "quickly, efficiently and reliably".

The London-listed group added that it had facilitated £9.3bn of flows into lower-income markets and £3.1bn of development aid flows in FY23.

Chief executive Neeraj Kapur said: "This collaboration is hugely significant for our clients. Our combined capabilities and expertise mean we're able to reduce the cost and friction associated with moving money across hard-to-reach markets: getting more funds delivered more efficiently to those who need it the most".

As of 0935 BST, CAB Payments shares were up 5.72% at 114.60p.

Reporting by Iain Gilbert at Sharecast.com